Interest across a number of fixed-rate term deposit products have been cut in recent weeks.
Those seeking the
best accounts to deposit their spare cash have been hit by falling rates on fixed-rate term deposits.
An article in the Herald Sun reports that the four major
Australian banking companies have cut the interest attached to such savings accounts over recent weeks "despite being on track to post a record combined profit of $20 billion this year".
Indeed, Westpac and ANZ were revealed to have reduced rates on some term deposits deals by between 0.1 and 0.5 per cent last week.
Those looking to
compare accounts are also reminded that Commonwealth Bank slashed rates on its eight-month deal by 0.3 per cent as February came to a close.
But consumers should not automatically accept such declines as several consumer groups told the publication they should scour the market for a good deal.
Savers may be interested to note the Bank of Queensland recently announced it is to waiver charges on people breaking into their term deposits to access money following heavy flooding in the region.
By Emma North
